Connect with us

Hi, what are you looking for?

Economy

The price of Ethereum bounced back above $3500 on Monday

The price of Ethereum bounced back above $3500 on Monday

Last Monday, the price of Ethereum fell to the $3232 support level. 

Ethereum chart analysis

Last Monday, the price of Ethereum fell to the $3232 support level. Soon after, the price started a bullish consolidation, returning above the $3400 level. A new weekly high was formed on Thursday at the $3485 level. There, we meet a new resistance on Friday and retreat to the $3360 level.

The weekend saw Ethereum consolidating between $3,360 and $3,400, with a slight drop to the $3348 level on Sunday. However, the cryptocurrency quickly stabilized and initiated a bullish consolidation, crossing the $3425 level and climbing to $ 3450 by the end of the day. The bullish momentum continued into the new week, reaching a seven-day high at $ 3520.

 

Ethereum surged above EMA200, and we expect further continuation to the bullish side

The price of Ethereum stopped at that level and retreated slightly to the $3490 level. We see a consolidation in that zone and an attempt to maintain there in order to continue on the bullish side. Potential higher targets, which are crucial for your investment decisions, are $3550 and $3575 levels.

For a bearish option, we would need a negative consolidation and a price drop down to the $3430 support level. This would test the weekly open price and the support of the EMA200 moving average. If the support does not hold, a pullback to the bearish side will follow. Such a scenario would necessitate caution and could strengthen bearish momentum, forcing Ethereum to look for support at lower levels. Potential lower targets are $3375 and $3350 levels.

 

The post The price of Ethereum bounced back above $3500 on Monday appeared first on FinanceBrokerage.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Enter Your Information Below To Receive Latest News, And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    Latest iteration of the Communications Service Provider (CSP) IoT Peer Benchmarking report from the world’s leading IoT analyst firm identifies the key trends shaping...

    Latest News

    Few congressional Democrats could muster a defense of President Joe Biden’s halting debate performance Thursday, opting instead to criticize former President Donald Trump for...

    Stock

    A bitcoin exchange that collapsed 10 years ago after being hacked is set to return billions of dollars’ worth of the token to users — and...

    Stock

    An important economic measure for the Federal Reserve showed Friday that inflation during May slowed to its lowest annual rate in more than three...

    Disclaimer: Financetimereport.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 Financetimereport.com